The tiny "flowers" were supposedly those of the legendary Youtan Poluo flower or "Udumbara", which has no scientific name. They actually were the eggs of a lacewing insect and were found attached to a steel pipe. The eggs are elevated on stalks so the hatchlings do not eat their unhatched siblings.
It is another interesting plant myth along the lines of the Vegetable Lamb of Tartary or the Barnacle Goose tree. The website below has links to photos of the Youtan Poluo.
http://urbanlegends.about.com/b/2007/06/20/flowers-grow-on-steel-pipe-in-china.htm
David R. Hershey
http://www.angelfire.com/ab6/hershey/bio.htm
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